Press Release

The first offering, a Customized Group Term Life Insurance solution is designed to cover the bank’s loan customers for the loan amount throughout the tenure of the loan

This social impact solution will safeguard the interests of the bank’s customers, who are largely traders in semi-urban and urban areas, as well as the interests of the bank

Mahindra Insurance Brokers Ltd plans to reach more than 3 lakh Nagpur Nagarik Sahakari Bank customers across the States of Maharashtra, Madhya Pradesh and Chhattisgarh

The introduction of this model is a step forward in MIBL’s mission to deepen insurance penetration in Rural India

Nagpur, June 20, 2018: Mahindra Insurance Brokers Ltd (MIBL), a leading insurance broking company primarily serving rural and semi-urban India, SMEs and Corporates, has partnered with Nagpur Nagarik Sahakari Bank (NNSB), one of the oldest and leading cooperative banks in Vidarbha, to introduce a customised Group Term Life Insurance product for the bank’s customers.

The customized Life Insurance solution is designed to safeguard the interests of both the customer and the bank. Under this arrangement, customers who have availed of a loan – home, vehicle or personal, from the bank, will also be covered for the amount of the loan, throughout the loan tenure. In the unfortunate event of death of the customer, the sum assured would be used to settle the outstanding loan amount to the bank and the balance would be paid to the nominee. Thus reducing the financial burden on the family and also protect the loan amount for the bank. This social impact solution will safeguard the interests of the bank’s customers, who are largely traders in semi-urban and urban areas in the States of Maharashtra, Madhya Pradesh and Chhattisgarh.

Dr. Jaideep Devare, Managing Director, Mahindra Insurance Brokers Ltd said, “MIBL has been safeguarding livelihoods across rural India, having serviced over 1 crore insurance cases, since inception. We have been continuously reinventing our offerings and effectively leveraging new age technology to drive positive change. We believe that these innovations have helped us create solutions around affordability, while also offering customers simplicity, flexibility and convenience. Our ultimate goal is to reach every Indian household with an insurance solution, thus helping improve the economic resilience of rural India. Our partnership with Nagpur Nagarik Sahakari Bank, is yet another step forward in our mission to deepen insurance penetration in the country.”

Speaking on the occasion, Mr. Sanjay Bhende, Chairman, Nagpur Nagarik Sahakari Bank said, “This new life insurance solution for our loan borrowers is a gift to these customers on the occasion of the Bank’s Foundation Day. Under this scheme, the Bank will receive financial protection for the loan amount disbursed, while the borrower’s family will be released from the burden of debt repayment in the event of death of the borrower. This solution will simultaneously help control the Bank’s rising NPA due to such loan defaults. The sum due to the bank will be transferred to the bank and the remaining amount will be handed over to the beneficiaries of the borrower. We are confident that our tie-up with MIBL, India’s leading insurance advisors, will benefit both our existing and new customers, and give them access to affordable life insurance products, in a simple and convenient format.”

The customer enrollment process is a simple one, requiring minimal documentation. The claim settlement process will be fully monitored by MIBL thus ensuring a transparent, hassle-free claim experience. This solution will be available to the bank’s customers across its 45 branches in the States of Maharashtra, Madhya Pradesh and Chhattisgarh.

The penetration of life insurance in the hinterlands is currently very low, hence providing a large opportunity for growth. Research shows that besides low awareness, fear of long-term commitment towards premium payments, cumbersome procedures, lack of trust and dissatisfying experiences are some of the aspects that hinder insurance penetration. MIBL has been continuously striving to offer solutions that address these challenges and provide its customers a seamless, hassle-free and transparent buying and claims experience, facilitated by its wide network of 400+ locations across India, and its in house Customer Contact Centre.

MIBL recently received the Porter prize 2018 for “Creating Shared Value.” The award recognized MIBL for the impact created in the insurance industry by re-conceiving insurance products and markets, enhancing productivity in the insurance value chain and enabling community development and hence fostering economic growth in rural and semi-urban markets.

MIBL is the world’s first company in the BFSI sector to be appraised and rated at Maturity Level 5 of the People-Capability Maturity Model (P-CMM®), demonstrating its focus on implementing world-class best practices with respect to the management and development of its workforce. MIBL has also been ranked among the Top 15 India's Best Workplaces in BFSI, 2018 by Great Place to Work® Institute India.

About Mahindra Insurance Brokers Limited (MIBL)

Mahindra Insurance Brokers Limited (MIBL), set up in 2004, is a subsidiary of Mahindra & Mahindra Financial Services Limited and part of the USD 20.7 billion Mahindra Group. A licensed Composite Broker (Direct and Reinsurance), MIBL is a one-stop shop for insurance solutions.

The Company provides direct insurance broking for Corporates, Small & Medium Enterprises and Retail customers, and a range of products for Life and Non-Life insurance. It also offers risk management services, portfolio management and claims management services. MIBL helps in protection of health, wealth and life in under-served markets, by providing innovative insurance solutions to over 2,00,000 villages. MIBL also provides Reinsurance broking services, with relationships with insurers and reinsurers spread across 40 countries.

MIBL has received the Porter prize 2018 for “Creating Shared Value.” The award recognized MIBL for the impact created in the insurance industry by re-conceiving insurance products and markets, enhancing productivity in the insurance value chain and enabling community development and hence fostering economic growth in rural and semi-urban markets.

MIBL is the world’s first company in the BFSI sector to be appraised and rated at Maturity Level 5 of the People-Capability Maturity Model (P-CMM®), demonstrating its focus on implementing world-class best practices with respect to the management and development of its workforce. MIBL has also been ranked among the Top 15 India's Best Workplaces in BFSI, 2018 by Great Place to Work® Institute India. Visit us at: www.mahindrainsurance.com

About Mahindra & Mahindra Financial Services Limited

Mahindra & Mahindra Financial Services Limited (Mahindra Finance), part of the Mahindra Group, is one of India’s leading non-banking finance companies. Focused on the rural and semi-urban sector, the Company has over 5.3 Million customers and has an AUM of over USD 8.49 Billion. The Company is a leading vehicle and tractor financier and also offers fixed deposits and loans to SMEs. The Company has 1,289 offices across the country.

Mahindra Finance is the only Non-Banking Financial Company from India to be listed on Dow Jones Sustainability Index in Emerging Market Category. Mahindra Finance has been ranked in Top 15 India's Best Workplaces in BFSI, 2018 by Great Place to Work® Institute India. Mahindra Finance has also been recognized as Aon Best Employer 2017 and Best BFSI Brands 2018 by The Economic Times.

About Mahindra

The Mahindra Group is a USD 20.7 billion federation of companies that enables people to rise through innovative mobility solutions, driving rural prosperity, enhancing urban living, nurturing new businesses and fostering communities. It has a leadership position in utility vehicles, information technology, financial services and vacation ownership in India and is the world’s largest tractor company, by volume. It also enjoys a strong presence in agribusiness, components, commercial vehicles, speedboats, consulting services, energy, industrial equipment, logistics, real estate, steel, aerospace, defence and two wheelers. Headquartered in India, Mahindra employs over 240,000 people across 100 countries.

The Company has a JV in US, Mahindra Finance USA LLC, in partnership with De Lage Landen, a subsidiary of Rabo Bank, for financing Mahindra tractors in US. Visit us at: www.mahindrafinance.com

Harvard Business School Professor and leading management thinker, Michael E. Porter addressed a gathering of top industry leaders, thinkers and government functionaries at Porter Prize 2018 held on May 30, 2018 at The TajMahal Palace, Mumbai. Porter Prize is awarded to winning companies for their strategic acumen. The award is adjudged after a rigorous process of evaluation, interaction and jury assessment. Participants are thoroughly analysed on vital parameters of strategy like trade-offs, creating distinctive value, fit, et al. that drive the competitive advantage of firms.

Highlights

Porter Prize 2018 was awarded to ten companies in eight different categories on May 30, 2018.

Harvard professor Michael E. Porter addressed the gathering at the event followed by presentation of the awards

PM-EAC Chairman, BibekDebroy, also delivered a keynote at the event on the role of governments in modern societies.

BibekDebroy also released the 2018: Social Progress Index: Districts of India during the event.

Professor Porter delved into the question of why every organisation needs an augmented reality strategy based on his recent work on information technology. He highlighted the fact that a sense of anxiety is gradually taking over businesses and people due to the advent of information technology and its impact on jobs. Technologies like augmented reality (AR) are venturing into new information delivery paradigms that are redefining businesses. To be precise, AR creates business value in two ways: first, by differentiation of products and second, by improving productivity along the value chain. AR has, therefore, become an important aspect to create competitive advantage for modern businesses. The only challenge is not the lack of data or knowledge but in assimilating and acting upon them so that new productivity horizons are unleashed.

Porter, then, presented the Porter Prize 2018. The award was presented to the following recipients:

Mahindra Holiday & Resorts was presented the Amity University Creating Porter Prize for Distinctive value. Mr. Kavinder Singh, MD & CEO, Mahindra Holiday & Resorts received the award on behalf of his company. The citation reads “For your outstanding performance in the industry and ability to offer unique solutions to the customers. You effectively created new market spaces, segments and provided solutions that redefined the market.”

Mahindra Insurance and Mahindra & Mahindra (Farm Equipment Sector) were presented the GNFC Porter Prize for Creating Shared Value. Mr. JaideepDevare, MD, Mahindra Insurance, and Atindriya Bose, CEO, Mahindra & Mahindra, Farm Equipment Sector, received the award on behalf of their companies. The citation reads “For your outstanding performance in the industry and to recognize your high impact as an organization that created economic success by redefining markets, products, way of doing business, creating collaborative efforts and in turn creating societal and economic progress.”

TeamLease Services was presented the ABP News Porter Prize for Industry Architectural Shift. Mr. Ashok Kumar Nedurumalli, co-founder, TeamLease Services, received the award on behalf of the company. The citation reads “For your outstanding performance in the industry and to recognize you for redefining the industry structure by challenging the very basis of competition, creating new business models, challenging the status quo and exploiting change.”

Jindal Steel & Power was presented the Porter Prize for Exploiting Trade Offs. Mr. NA Ansari, CEO, Jindal Steel and Power, received the award on behalf of his company. The citation reads “For your outstanding performance driven through excellence in corporate governance that is reflected in synergies between different aspects of business, superior performance and control mechanisms.”

GNFC was presented the Porter Prize for Enabling Social Progress. Mr. Pankaj Kumar Gupta, CTO, GNFC received the award on behalf of his company. The citation reads “For your outstanding contribution to the society to meet the basic human needs, established blocks that allow communities to sustain quality of life and creating conditions for individuals to reach their potential.” The award was given for a project undertaken by GNFC in association with NITI Aayog on a cashless society.

PATH and Janssen India were presented the Porter Prize for Value Based Healthcare Delivery. Mr. Neeraj Jain, director, PATH received the award on behalf of his company while Mr. SanjivNavangul, MD, Janssen India received the award on behalf of his company. The citation reads “For redefining healthcare, providing an overall framework for diagnostics, participating in building a resilient healthcare system, focusing on providing value to patients, not just lowering costs; free flow of information i.e. information on results and prices needed for value-based competition and innovation in healthcare such as enhancing the patients experience, redefining the business around medical conditions.”

JSW Energy was presented the ABP News Porter Prize for Leveraging Unique Activities. Mr. Prashant Jain, JMD and CEO, JSW Energy, received the award on behalf of his company. The citation reads “For your outstanding contribution to the society to meet the basic human needs, established blocks that allow communities to sustain quality of life and creating conditions for individuals to reach their potential.”

InfraHedge Ltd. was presented the Porter Prize for Platforms, Smart Connected Products & Solutions. Mr. Ravi Raman, MD and COO, InfraHedge, received the award on behalf of his company. The citation reads “For your role in reshaping industry boundaries & creating entirely new industries, expanding opportunities for new functionality, greater reliability, higher product utilization, and capabilities that cut across and transcend traditional product boundaries; building capabilities within enterprises to rethink and retool nearly everything they do internally.”

The event was also marked by a keynote from BibekDebroy on the role of government in modern economies and how India and its government have fared through history. He distinguished between the malign and the benign role of government. The former refers to an excess government intervention in areas which should be left alone by it while the latter refers to the goods and services that it is expected to deliver. But, the malign role of the government should be constrained only subject to appropriate regulations. An absence of regulation is impossible since the real world is vastly different from the perfect conditionalities assumed by theory. In that respect, he also defended the GST regulation of the government in its imperfect form. He asked the audience if debate and discussion on GST should have been undertaken in perpetuity to generate consensus or was it preferable to implement an imperfect tax law and to address its challenges along the way.

Post his address, BibekDebroy also launched the “2018 Social Progress Index: Districts of India” that the Institute for Competitiveness undertook in collaboration with Social Progress Imperative. The study covers 637 districts from 33 states and Union Territories. It is the first ever effort to holistically and comprehensively assess the quality of life of India’s citizens on this level of granularity. During the launch of the report, he commented that, “When we look at India we often tend to look at it in terms of whats happening in states, we tend to look at it in terms of whats happening in districts, because these are need administraive boundaries. The interesting churn that is happening in India now is not just competition among states but the great disparity among states and within states. Several of the states that historically were backward, according to whatever criteria you choose are now fast catching up. The distance between them and the more advanced states historically may still be large but that is because states like Punjab, Goa started with high base levels. Even more interesting is the fact that there are increasing variations within states. What is exciting is this churn and to understand what is happening to development and deprivation in India it is no longer enough to look at states. It is more important to look at districts.”

Institute for Competitiveness, India is an independent, international initiative centered in India, dedicated to enlarging and disseminating the body of research and knowledge on competition and strategy, pioneered over the last 25 years by Professor M.E. Porter of the Institute for Strategy and Competitiveness, Harvard Business School (ISC, HBS), USA. Institute for Competitiveness, India works in affiliation with ISC, HBS, USA to offer academic & executive courses, conduct indigenous research and provide advisory services to corporate and Government within the country. The institute studies competition and its implications for company strategy; the competitiveness of nations, regions & cities; suggests and provides solutions for social problems. Institute for Competitiveness, India brings out India City Competitiveness Report, India State Competitiveness Report, and funds academic research in the area of strategy & competitiveness.

An appraisal at maturity level 5 indicates that the organization is performing at an “optimizing” level.

February 16, 2018, Mumbai: Mahindra Insurance Brokers Ltd. (MIBL) today announced that it has been appraised and rated at Maturity Level 5 of the CMMI Institute’s People-Capability Maturity Model(P-CMM®) thus becoming the first insurance broking company globally to achieve this international benchmark. The appraisal was led by Rajesh Naik of QAI India Limited.

An appraisal at maturity level 5 indicates that the organization is performing at an “optimizing” level. At this level, an organization continually improves its processes based on a quantitative understanding of its business objectives and performance needs. The organization uses a quantitative approach to understand the variation inherent in the process and the causes of process outcomes.

"People-Capability Maturity Model (P-CMM®)" is an organizational transformation model from the CMMI Institute, USA. CMMI Institute, the global leader in the advancement of best practices in people, process, and technology. The Institute provides the tools and support for organizations to benchmark their capabilities and build maturity by comparing their operations to best practices and identifying performance gaps. For over 25 years, thousands of high-performing organizations in a variety of industries, including aerospace, finance, health services, software, defense, transportation, and telecommunications, have earned a CMMI maturity level rating and proved they are capable business partners and suppliers.

Dr. Jaideep Devare, Managing Director, MIBL, commented, “We are truly proud and honoured to be the first Company in the World in the BFSI Sector to have achieved P-CMM® Maturity level 5. We have been striving relentlessly to provide our team members across geographies with opportunities to develop their competencies and capabilities so that they can consistently deliver a delightful customer experience. This benchmark achievement is a testament to the systems and processes we have put in place, to our people capabilities, and to our commitment to our customers. It also serves as a motivation to us to continue in our efforts to achieve people excellence and create customer delight.”

“MIBL’s appraisal at Level 5 of the PCMM® Model is a re-endorsement of the significant emphasis we place on developing our existing competencies and creating a globally competitive learning and development culture. It reiterates MIBL’s focus on adopting and aligning Global HR and Business process standards and ensure sustainability of business,” said Vinay Deshpande - Chief People Officer, Mahindra & Mahindra Financial Services Sector.

About Mahindra Insurance Brokers Limited (MIBL)

solutions. Mahindra Insurance Brokers Limited (MIBL), set up in 2004, is a subsidiary of Mahindra & Mahindra Financial Services Limited and part of the USD 19 billion Mahindra Group. A licensed Composite Broker (Direct and Reinsurance), MIBL is a one-stop shop for insurance

The Company provides direct insurance broking for Corporates, Small & Medium Enterprises and Retail customers, and a range of products for Life and Non-Life insurance. It also offers risk management services, portfolio management and claims management services. MIBL helps in protection of health, wealth and life in under-served markets, by providing innovative insurance solutions to over 1,50,000 villages. MIBL also provides Reinsurance broking services, with relationships with insurers and reinsurers spread across 40 countries.

MIBL is world's First Company in the BFSI sector to be appraised and rated at Maturity Level 5 of thePeople-Capability Maturity Model (P-CMM®), demonstrating its focus on implementing world-class best practices with respect to the management and development of its workforce. MIBL has been recognized as one of India's Top 100 "Best Companies to Work For" in 2016 by Great Place to Work Institute® in collaboration with The Economic Times, which showcases Trust, Pride and Camaraderie exhibited by all its employees.Visit us at: www.mahindrainsurance.com

About Mahindra & Mahindra Financial Services Limited

Mahindra & Mahindra Financial Services Limited (Mahindra Finance), part of the Mahindra Group, is one of India’s leading non-banking finance companies. Focused on the rural and semi-urban sector, the Company has over 5.1 Million customers and has an AUM of over USD 8.08 Billion. The Company is a leading vehicle and tractor financier and also offers fixed deposits and loans to SMEs. The Company has 1,178 offices across the country.

Mahindra Finance is the only Non-Banking Financial Company from India to get selected on Dow JonesSustainability Index in Emerging Market Category. Mahindra Finance has been ranked 49th in the Top50 “India’s Best Companies to Work for 2017” by Great Place to Work® (GPTW) Institute in collaboration with The Economic Times.

Mumbai, October 16, 2017: Mahindra Insurance Brokers Ltd. (MIBL), a leading insurance broker primarily serving rural and semi-urban India, today announced that XL Group – through its subsidiaries a leading global insurer and reinsurer operating under the XL Catlin brand – is to acquire a 20% minority stake in the company, subject to satisfaction of customary closing conditions by all stakeholders. MIBL, a subsidiary of Mahindra & Mahindra Financial Services Ltd. (Mahindra Finance) and a licensed Composite Broker, has demonstrated noteworthy growth and profitability over the past 13 years. MIBL’s current valuation is at Rs.1,300 crores (approx. US$ 200 million).

The existing shareholder in MIBL, LeapFrog Financial Inclusion Fund, through its subsidiary Inclusion Resources Private Ltd (IRPL), currently holds a 15% equity stake in MIBL. It will purchase an additional 5% stake in MIBL from Mahindra Finance (taking its total equity stake in MIBL to 20%), and immediately sell the entire capital of IRPL to XL Group, subject to necessary regulatory approvals.

Since inception in 2004, MIBL has serviced over 8 million insurance cases, safeguarding the livelihoods of millions across rural India by protecting their assets and loans taken for buying tractors and vehicles.

XL Group will help support MIBL’s endeavours to increase insurance awareness and penetration in under-penetrated markets and across under-served customers in rural India.

Mr. Ramesh Iyer, Vice-Chairman & Managing Director, Mahindra Finance, President – Financial Services Sector and Member of the Group Executive Board of the Mahindra Group said, “Mahindra Finance is one of the largest Non-Banking Financial Companies in India, with a focus on rural and semi-urban markets. The investment by XL Group, a leading global insurance and reinsurance group with expertise in emerging markets, will help increase insurance penetration and drive positive change in the lives of rural India. We would like to thank LeapFrog for partnering with us earlier in our shared mission of industry leadership and social impact.”

Mr. Greg Hendrick, President, P&C Insurance and Reinsurance, XL Catlin, said, “This minority investment plays to our commitment to emerging markets and to supporting insurance penetration in developing economies, helping improve economic resilience by closing the gap between economic and insured losses. It will also provide us a chance to better understand the primary retail insurance and distribution landscapes in the rapidly developing Indian market.”

Dr. Jaideep Devare, Managing Director, Mahindra Insurance Brokers Limited, said, “MIBL has been adding value to customers across rural India through its innovative solutions and superior services. We want to introduce insurance ideas from the global markets, suitably adapted for the Indian market. MIBL would continue to focus on the rural and semi-urban areas, where insurance penetration is low and the need for social and economic progress that insurance inclusion can bring is high. We will welcome XL Group as a valuable partner to drive dialogue on these efforts.”

XL Group has a large shared service operation presence in India, at Gurugram and Bengaluru, operating under the brand XL Catlin. It provides business and underwriting support, claims administration, actuarial services, finance and accounting, and more. The Group also has a fully licensed reinsurance branch office also operating under the XL Catlin brand, in Mumbai.

The Mahindra Group has a significant footprint in rural India through the sale of utility vehicles, tractors, commercial vehicles, two-wheelers, and rural home loans. Mahindra Finance’s rural financing is considered to be the cornerstone of poverty reduction, rural development and inclusive growth in many parts of the country.

Mahindra Finance has been serving the rural and semi-urban population by providing loans to low income groups through its extensive network of branches spreading over 1,100 locations in these geographies. Leveraging on these strengths, MIBL aims to become India’s first company to rank among the Global Top 100 insurance brokers in revenue by 2020.

About XL Group Ltd

XL Group Ltd (NYSE:XL), through its subsidiaries and under the XL Catlin brand, is a global insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. Clients look to XL Catlin for answers to their most complex risks and to help move their world forward. To learn more, visit www.xlgroup.com

About Mahindra & Mahindra Financial Services Limited

Mahindra & Mahindra Financial Services Limited (Mahindra Finance), part of the Mahindra Group, is one of India’s leading non-banking finance companies. Focused on the rural and semi-urban sector, Mahindra Finance has over 4.8 million customers and has an AUM of over USD 6 billion. Mahindra Finance is a leading vehicle and tractor financier and also offers fixed deposits and loans to SMEs. It has 1,178 offices across the country and is the first Non-Banking Finance Company from India to form a part of Dow Jones Sustainability Index. Mahindra Finance has been ranked 49th in the Top 50 “India’s Best Companies to Work For 2016” by Great Place to Work® (GPTW) Institute in collaboration with The Economic Times.

Mahindra Rural Housing Finance Limited (MRHFL) a subsidiary of Mahindra Finance provides loans for purchase, renovation, construction of houses to individuals in the rural and semi-urban areas of the country.

Mahindra Asset Management Company Private Limited (MAMCPL), a wholly-owned subsidiary of Mahindra Finance, is acting as the Investment Manager of Mahindra Mutual Fund.

Mahindra Finance has a JV in US, Mahindra Finance USA LLC, in partnership with De Lage Landen, a subsidiary of Rabo Bank, for financing Mahindra tractors in US.

The Mahindra Group is a USD 19 billion federation of companies that enables people to rise through innovative mobility solutions, driving rural prosperity, enhancing urban living, nurturing new businesses and fostering communities. It has a leadership position in utility vehicles, information technology, financial services and vacation ownership in India and is the world’s largest tractor company, by volume. It also enjoys a strong presence in agribusiness, components, commercial vehicles, consulting services, energy, industrial equipment, logistics, real estate, steel, aerospace, defence and two wheelers. Headquartered in India, Mahindra employs over 200,000 people across 100 countries.

Learn more about Mahindra on www.mahindra.com / Twitter and Facebook: @MahindraRise

To target 40,000 driver partners; aim US$ 400 million of vehicle sales and financing in 2 years

Mumbai, September 8, 2016 : Mahindra & Mahindra Ltd., part of the US$ 17.8 billion Mahindra Group, have signed an MOU to enter into a strategic alliance with the country's largest shared transportation platform, Ola to empower 40,000 driver partners across India by 2018.

Through this strategic alliance, they aim overall vehicle sales and financing of over US$ 400 million (Rs. 2,600 crores). Ola's driver partners can now avail of an integrated and attractive 'Mahindra-Ola' package which will include Mahindra cars at special prices, attractive financing with zero down payment, and the best NBFC interest rates, subsidized insurance premiums, comprehensive maintenance packages, as well as exclusive benefits on the Ola platform.

This unique alliance, which brings together two of India's most prominent brands, seeks to encourage micro-entrepreneurship amongst drivers, to address India's growing mobility needs. Mahindra and Ola will also explore other areas of joint collaboration to build the next generation of mobility solutions including those for unique transportation use cases.

According to Anand Mahindra, Chairman, Mahindra Group, "This is an initiative whose time has come, one that meets the current and future needs of Indian consumers, particularly younger ones who prefer shared mobility solutions. It also has a positive social impact on the lives and prospects of at least 40,000 driver owners, and their families. To me, this is an important strategic alliance for the Mahindra Group, one that I believe will change the contours of our industry, while giving us the first mover advantage in the fast growing Sharing Economy of India."

BhavishAggarwal, Co-Founder and CEO, Ola said, "We are delighted to work with an iconic Indian brand like Mahindra to further our mission of building mobility for a billion Indians. As part of the strategic alliance between the two companies, we have created a unique solution to help tens of thousands of aspiring driver-entrepreneurs realize their dreams. Our alliance with Mahindra will help build significant scale by innovatively building more mobility options and newer use cases in the time to come."

The Mahindra-Ola package focuses on financial inclusion by empowering driver partners who otherwise may not be able to invest in a car, to purchase one at a highly affordable price, and at upto zero down payment. It will also support drivers with accident insurance and scholarships for their children. This aligns with Mahindra's Rise philosophy of empowering people with the right products and services to enhance the quality of their lives, and Ola's focus on building an ecosystem that supports the entrepreneurial growth of driver-partners across the country.

Amidst the rapidly growing sharing economy, this strategic alliance will create immense synergies and address the country's growing need for mobility offerings, which will play a key role in the realization of India's socio-economic development agenda.

About Mahindra

The Mahindra Group focuses on enabling people to rise through solutions that power mobility, drive rural prosperity, enhance urban lifestyles and increase business efficiency.

In 2015, Mahindra & Mahindra was recognized as the Best Company for CSR in India in a study by the Economic Times. In 2014, Mahindra featured on the Forbes Global 2000, a comprehensive listing of the world’s largest, most powerful public companies, as measured by revenue, profit, assets and market value. The Mahindra Group also received the Financial Times ‘Boldness in Business’ Award in the ‘Emerging Markets’ category in 2013. Visit us at www.mahindrainsurance.com

About Ola:

Founded in Jan 2011 by IIT Bombay alumni BhavishAggarwal and Ankit Bhati, Ola (formerly Olacabs), is India's most popular mobile app for personal transportation. Ola integrates city transportation for customers and driver partners onto a mobile technology platform ensuring convenient, transparent and quick service fulfilment. Ola is committed to its mission of building mobility for a billion people. Using the Ola mobile app, users across 102 cities can book from over 450,000 vehicles across cabs, auto-rickshaws and taxis. Ola has also introduced a range of shared mobility services on its platform like Ola Shuttle and Ola Share for commute and ride-sharing respectively. The app is available on Windows, Android and iOS platforms. Please visit www.olacabs.com and https://www.olacabs.com/media for more information

Digitally-enabled distribution platform to start off by tapping e-wallets

Mumbai, July 7, 2016: Mahindra Insurance Brokers Ltd. (MIBL), has introduced an innovative "Pay-As-You-Can" digitally-enabled model that is set to redefine the distribution of insurance solutions and drive insurance penetration in India. This socially progressive initiative will provide customers access to insurance products, with the flexibility of paying premium based on their affordability. This model will enable any service provider with a large customer base, to offer affordable and tailor-made insurance covers to their customers in a seamless manner.

As a first step, MIBL has entered into a strategic partnership with Citrus Pay, a leading payment solutions company, to provide a short-term Personal Accident cover as a value-add to their loyal customers. This customised Group Personal Accident cover has been underwritten by Religare Health Insurance Company Limited.

To qualify for a Personal Accident cover, designed for Citrus Pay customers, all that the customers need to do is spend a specified amount from their mobile wallet. Once the customer reaches the limit, they can simply avail the policy by sharing nominee details through an SMS or email, following which, the policy details will be sent to them and they will be entitled to a Personal Accident cover for a month.

Research shows that long-term commitment towards premium payments is one of the main reasons why people choose not to buy insurance. Other aspects that hinder purchases include cumbersome procedures, lack of trust and dissatisfying experiences. This "Pay-As-You-Can" model will enable any service provider to offer its customers a seamless, hassle-free and transparent buying and claims experience, facilitated by MIBL’s wide network of 400+ locations across India, and its in-house Customer Contact Centre.

According to the Internet and Mobile Association of India (IMAI), around 63% of mobile users make various payments using their mobile phones. "Pay-As-You-Can" will tap into this rapidly growing segment. In addition to simplifying the insurance buying process for the customer, it will also address the key concern that has been limiting insurance penetration in India, with respect to making long-term commitments towards premium payment.

Speaking at the launch, Ramesh Iyer, Vice-Chairman & Managing Director, Mahindra & Mahindra Financial Services Ltd. & President - Financial Services Sector and Member of the Group Executive Board of the Mahindra Group said, "We see technology playing an increasingly important role in facilitating deeper insurance penetration in the country. At Mahindra Insurance Brokers, the team has been continuously reinventing its offerings and effectively leveraging new age technology to drive positive change. The ultimate goal of Mahindra Insurance Brokers is to reach every Indian household with an insurance solution."

Dr Jaideep Devare, Managing Director, Mahindra Insurance Brokers Ltd. said, "We believe that this 'Pay-As-You-Can' business model will help transform the distribution landscape for the Indian insurance industry. The uniqueness of this model lies in its creating solutions around 'affordability' of the customer, and weaving it with simplicity, flexibility and convenience of the insurance buying process. We are delighted to partner with Citrus Pay, which shares our philosophy of bringing simple and innovative solutions to add value to customers."

"Citrus wallet has always been about offering convenience and value to its consumers. This partnership with Mahindra Insurance Brokers is another such step in this regard. Customer satisfaction is our first priority and at the launch of this model, we will be offering a limited-period free Personal Accident insurance cover to our valued customers," said Jitendra Gupta, Founder & Managing Director, Citrus Pay.

Anuj Gulati, Managing Director & Chief Executive Officer, Religare Health Insurance Company Ltd., said, "We are pleased to be associated with a leading e-payment platform like Citrus, in their endeavour to safeguard their patrons from financial risks arising out of unforeseen mishaps, and recognize the value that Mahindra Insurance Brokers brings to this association."

Mahindra Insurance Brokers will soon make this "Pay-As-You-Can" model available to other service providers with extended product offerings from various insurance companies.

About Mahindra Insurance Brokers Ltd.

Mahindra Insurance Brokers Limited (MIBL), set up in 2004, is a subsidiary of Mahindra & Mahindra Financial Services Limited and part of the USD 17.8 billion Mahindra Group. A licensed Composite Broker (Direct and Reinsurance), MIBL is a one-stop shop for insurance solutions.

The Company provides direct insurance broking for Corporates, Small & Medium Enterprises and Retail customers, and a range of products for Life and Non-Life insurance. It also offers risk management services, portfolio management and claims handling services. MIBL helps in protection of health, wealth and life in under-served markets, by providing innovative insurance solutions to over 1,50,000 villages. MIBL also provides Reinsurance broking services, with relationships with insurers and reinsurers spread across 30 countries.

MIBL is the world's First Insurance Broking Company to achieve People CMM® Maturity Level 3, demonstrating its focus on implementing world-class best practices with respect to the management and development of its workforce. MIBL has been recognized as one of India's Top 100 "Best Companies to Work For" in 2016 by Great Place to Work Institute® in collaboration with The Economic Times, which showcases Trust, Pride and Camaraderie exhibited by all its employees.

Mahindra & Mahindra Financial Services Limited (Mahindra Finance), part of the Mahindra Group, is one of India's leading non-banking finance companies. Focused on the rural and semi-urban sector, the Company has over 4 million customers and has an AUM of over USD 6 billion. The Company is a leading vehicle and tractor financier and also offers fixed deposits and loans to SMEs. The Company has over 1,100 offices across the country and is the first Non Banking Finance Company from India to form a part of Dow Jones Sustainability Index.

Mahindra Rural Housing Finance Limited (MRHFL) a subsidiary of Mahindra Finance provides loans for purchase, renovation, construction of houses to individuals in the rural areas of the country.

Mahindra Asset Management Company Private Limited (MAMCPL) a wholly owned subsidiary of Mahindra Finance has received the approval from the market regulator for establishing Mutual Fund business in India.

The Company has a Joint Venture in the US, Mahindra Finance USA, in partnership with De Lage Landen, a subsidiary of Rabo Bank, for financing Mahindra tractors in US.

About Mahindra

The Mahindra Group focuses on enabling people to rise through solutions that power mobility, drive rural prosperity, enhance urban lifestyles and increase business efficiency. A USD 16.9 billion multinational group based in Mumbai, India, Mahindra provides employment opportunities to over 200,000 people in over 100 countries. Mahindra operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles, information technology, financial services and vacation ownership. In addition, Mahindra enjoys a strong presence in the agribusiness, aerospace, components, consulting services, defence, energy, industrial equipment, logistics, real estate, retail, steel, commercial vehicles and two wheeler industries. In 2015, Mahindra & Mahindra was recognized as the Best Company for CSR in India in a study by the Economic Times. In 2014, Mahindra featured on the Forbes Global 2000, a comprehensive listing of the world's largest, most powerful public companies, as measured by revenue, profit, assets and market value. The Mahindra Group also received the Financial Times 'Boldness in Business' Award in the 'Emerging Markets' category in 2013. Visit us at www.mahindra.com

About Citrus Pay

Citrus Pay is leading the revolution towards mobile and digital payments across all spheres of a consumer's life. As India's fastest growing fintech company, Citrus provides consumer payments & mobile banking services. It partners with the top airlines, utilities, marketplaces, and 10000 other merchants to enable seamless, secure payments for 21 million consumers. Citrus is known for introducing industry first payment solutions such as 1-click checkout, wallet for cabs, consumer analytics, native mobile app payments etc. Few of the credible merchants associated with Citrus are PVR, INOX, BookMyShow, ShopClues, Jet Airways, Indigo, GoAir, TinyOwl, Faasos, Grofers, ZoomCar, Airtel, etc.

P-CMM® is an organizational transformation model from the CMMI® Institute, USA. The CMMI® Institute, a subsidiary of Carnegie Mellon University is dedicated to elevating organizational performance through best-in-class solutions to real-world challenges. The Institute is the home of the Capability Maturity Model Integration (CMMI)® for Development, Services, and Acquisition; the People Capability Maturity Model; and the Data Management Maturity Model (DMM)SM, which are capability maturity models that create high-performance, high-maturity cultures. MIBL’s achievement of Maturity Level 3 demonstrates that it implements world-class best practices with respect to the management and development of its workforce.

P-CMM® is an organizational transformation model from the CMMI® Institute, USA. The CMMI® Institute, a subsidiary of Carnegie Mellon University is dedicated to elevating organizational performance through best-in-class solutions to real-world challenges. The Institute is the home of the Capability Maturity Model Integration (CMMI)® for Development, Services, and Acquisition; the People Capability Maturity Model; and the Data Management Maturity Model (DMM)SM, which are capability maturity models that create high-performance, high-maturity cultures. MIBL’s achievement of Maturity Level 3 demonstrates that it implements world-class best practices with respect to the management and development of its workforce.

Ramesh Iyer, Managing Director, Mahindra & Mahindra Financial Services Ltd. and President – Financial Services Sector and Member of Group Executive Board of the Mahindra Group, said, “We are truly delighted that MIBL has become the first insurance broker globally to achieve this international benchmark. It is a reflection of the organization’s steadfast commitment to the development of its people, its focus on adding value to its customers, and driving positive change in the lives of people.”

Dr Jaideep Devare, Managing Director, MIBL, commented, “We are extremely honoured to have achieved People-CMM® Maturity Level 3 for Human Capital Development. Our focus on best practices has been driven by our desire and commitment to deliver a best-in-class service experience to our valued customers. Our customers deserve the best and we have endeavoured to develop our people capabilities to match and exceed customer expectations. This achievement reinforces MIBL’s continued commitment to develop and enhance skills and capabilities of our team.”

Rajesh Naik, the lead appraiser from QAI India said, “MIBL has a robust framework for employee growth, supported by a collaborative culture, a competency framework, internal job posting, educational assistance, and focus on internal promotions. MIBL is also the world’s first company in the insurance sector to have achieved Maturity Level 3 of the People CMM®. Powered by a strong and flexible people management system, I am sure MIBL has the potential to become one of the best organizations in the world.”

“MIBL’s appraisal at Level 3 of the PCMM Model is an endorsement of the significant emphasis we place on developing our existing competencies and creating a globally competitive learning and development culture,” said Vinay Deshpande - Chief People Officer, Mahindra & Mahindra Financial Services Sector.

About Mahindra Insurance Brokers Limited

The company’s long-term Vision is: To be the first Indian company amongst the Global Top 100 Insurance Brokers in Revenue by 2020.

Mahindra Insurance Brokers Limited (MIBL) is a subsidiary of Mahindra & Mahindra Financial Services Limited (MMFSL). MIBL has a Composite Broking license enabling it to operate as a Direct as well as a Reinsurance broker. MIBL is one of the few insurance broking companies in India to have adopted Quality Management systems ISO 9001:2008 certification. MIBL is committed to providing value to its customers by understanding their insurance needs and risk profile, and providing innovative, cost effective, customized solutions to ensure total customer satisfaction. MIBL’s role, in short, encompasses various activities right from risk profiling to claims administration for customers. MIBL acts as an intermediary between the customer and the insurance company, representing the customer. MIBL co-ordinates with the insurers and re-insurers to get the best rate and the most ideal risk protection cover for their customers.

As on today, the insurance solutions developed by MIBL have reached out to over 150,000 villages and have serviced over 6 million cases in the rural and semi-urban markets.

MIBL’s vision also goes well beyond the horizon as it sets its eyes on the global market by spreading its wings globally and developing relationships in over 25 countries in reinsurance broking business.

About Mahindra & Mahindra Financial Services Limited

Mahindra & Mahindra Financial Services Limited (Mahindra Finance), part of the Mahindra Group, is one of India’s leading non-banking finance companies. Focused on the rural and semi-urban sector, the Company has over 3.5 million customers and has an AUM of over USD 5 billion. The Company is a leading vehicle and tractor financier and also offers fixed deposits and loans to SMEs. The Company has over 1,000 offices across the country and is the first finance Company from India to form a part of Dow Jones Sustainability Index.

5 million customers serviced since inception, of which 1.14 million were serviced in last fiscal alone

Over 1,00,000 customers serviced in Punjab in the last five years by offering them various insurance solutions, reaching the benefits to over 5,000 villages

F2015 Performance

1.14 million Retail cases serviced

750 Commercial customers serviced

Rs.1,003 crores Gross Premium generated

Rs.126 crores Income,

Rs.172 crores Net Worth

Rs.65 crores PBT

Rs.43 crores PAT

Chandigarh August 18, 2015: Mahindra Insurance Brokers Ltd. (MIBL) began life with an equity capital of Rs.50 lakhs, and all of 14 people. Today, it numbers over 700 people, with PAT of Rs. 42.9 crores in F2015. Its solutions now reach over 1 lakh villages across India. From pioneering innovative solutions like Loan Suraksha, MIBL has continued to diversify its offerings with solutions like Arogya Suraksha which is for health insurance in addition to Motor insurance solutions. In September 2012, the company’s valuation stood at Rs. 520 crore.

Premium generated has grown from Rs. 24 crore in F2005 to Rs. 1003 crores in F2015, reflecting its strong growth trajectory. MIBL has been a profit-making and dividend-paying company from year one. It started with a Profit After Tax (PAT) of Rs.1.73 crore in its very first year of operations, and also declared a dividend in the first year. A cash surplus and zero-debt company, its net worth as of March 31, 2015 was Rs.172 crores.

“As far as India is concerned, our Vision is to be India’s No. 1 insurance broker by 2015. We already occupy a leading position, and this dream is well within our reach. To give you an idea of how fast we are growing, the number of cases serviced since inception up to December 2014 crossed the 5 million mark, and in the last financial year alone, we serviced 1 million cases. Our ultimate goal is to reach every Indian household with an insurance solution,” says Dr. Jaideep Devare, Managing Director, Mahindra Insurance Brokers Ltd., who is one of the members of the company’s Founding Team.

“We are also very enthused with the vision of the new government at the Centre which intends to focus on health insurance for all, especially in rural India,” says Dr. Devare.

Protecting Rural India

MIBL has developed several innovative solutions like Loan Suraksha and Arogya Suraksha, specially designed to adapt to the prevailing conditions in rural and semi-urban areas.

Loan Suraksha is a customised, innovative insurance solution offered to Mahindra Finance vehicle loan customers, through which, in the unfortunate event of the customer’s death, the outstanding loan amount is waived off and the vehicle can be retained by the customer’s family. MIBL co-created this unique solution along with Mahindra Finance and an insurance company, with a focus on customer centricity. Very often, there is no doctor present in a village to issue a death certificate. To facilitate the process of claim settlement for the customer’s family, MIBL worked with the insurance company to accept the proxy of a Panchayat or Sarpanch’s letter to this effect.

In Punjab, MIBL has serviced over 1,00,000 customers in the last five years by offering them various insurance solutions, reaching the benefits to over 5,000 villages across Punjab.

From a million to a billion

Having crossed the 1.14 -million mark of cases serviced in F2015, MIBL now aspires to reach out to a billion people in India.

MIBL’s vision also goes well beyond the horizon as it sets its eyes on the global market.

A few years ago, MIBL added the Commercial line of business to focus on the Small and Medium Enterprises (SME) segment to offer risk management solutions. It also realised that if it wanted to be competitive and grow even bigger, it needed to evolve into a Composite broker which would encompass reinsurance broking as well. MIBL got a licence for reinsurance broking which allowed it to spread its wings globally. The company already has relationships in over 25 countries.

The company’s long-term vision: To be the first Indian company amongst the Global Top 100 Insurance Brokers in Revenue by 2020.

For this pioneering company, the past – and the future – can perhaps be best summed up in three words, Aspire, Arise and Achieve. This eventful journey of 10 years has been very satisfying for the entire team. “It is incredibly fulfilling to be able to transform the lives of people and thereby drive positive change. Settling claims is the biggest learning for us. Years later, when you see the same families rehabilitated, you feel really good that you were able to make a difference. In fact, I think we have been living the credo of Mahindra’s Rise philosophy – Accept No Limits, Alternative Thinking and Driving Positive Change – since inception”, says Dr Devare.

About Mahindra & Mahindra Financial Services Limited

Mahindra & Mahindra Financial Services Limited (Mahindra Finance), part of the Mahindra Group, is one of India’s leading non-banking finance companies. Focused on the rural and semi-urban sector, the Company has over 3.5 million customers and has an AUM of over USD 5 billion. The Company is a leading vehicle and tractor financier and also offers fixed deposits and loans to SMEs. The Company has over 1,000 offices across the country and is the first finance Company from India to form a part of Dow Jones Sustainability Index.

In 2014, Mahindra featured on the Forbes Global 2000, a comprehensive listing of the world’s largest, most powerful public companies, as measured by revenue, profit, assets and market value. The Mahindra Group also received the Financial Times ‘Boldness in Business’ Award in the ‘Emerging Markets’ category in 2013.

Aurangabad, March 27, 2015: Mahindra Insurance Brokers Ltd. (MIBL), one of India’s leading insurance brokers, recently launched a specially designed unique Health insurance Awareness campaign in association with LeapFrog Investments and KfW in the rural and semi-urban markets in India. MIBL, with its focus on rural and semi-urban India, offers protection of health, wealth and life to the underserved markets by providing innovative insurance solutions.

The Health insurance Awareness campaign branded ‘Swasthya Bima Jaagriti Abhiyaan’ is being rolled out in a phased manner and, in Phase I, is expected to cover 100 villages. Phase I went live from March 22, 2015, simultaneously at 8 locations across 4 states - Uttar Pradesh, West Bengal, Tamil Nadu and Maharashtra. The campaign utilizes various media like a short movie especially created for this purpose, skits to actively engage villagers and provide information in an easily understandable way, banners, leaflets, and basic Health Check-up Camps run by qualified doctors to aid in early detection and prevention of diseases and provide solutions for routine health issues.

Globally, Health Insurance is recognized as an effective tool for covering the hospitalization and medical expenses of people and it is a proven method for preventing people from falling into the debt trap due to unaffordable medical expenses. In India, however, awareness on the benefits of Health Insurance is low, and in rural areas it is abysmally low.

Speaking on the occasion of the launch in Aurangabad, Dr. Jaideep Devare, Managing Director of MIBL said, “From the Market Research we conducted before the designing of our campaign, it emerged that Health Insurance in general, carries with it a high degree of misunderstanding and suspicion, particularly in rural India. In addition, the lack of formal education on financial services has led to a proliferation of misinformation. Hence, we decided to concentrate our efforts to educate the target population about the potential benefits. MIBL is in a unique position to provide this type of education given our brand, reach, and Company mission. We hope that, through this campaign, we are able to increase overall adoption of ethical insurance alternatives, and help protect low income families from devastating life events that can be hedged against”.

About Mahindra & Mahindra Financial Services Limited

Mahindra & Mahindra Financial Services Limited (MMFSL), part of the USD 16.5 billion Mahindra Group, is one of India's leading non-banking finance companies. Focused on the rural and semi-urban sector, the company has over 3 million customers and an AUM of over USD 5 billion. The Company is a leading vehicle and tractor financier and also offers fixed deposits and loans to SMEs.

The Company has over 1000 offices across the country and is the first finance company from India to feature in the Dow Jones Sustainability Index.

Mahindra Rural Housing Finance Limited (MRHFL), another subsidiary of MMFSL provides loans for purchase, renovation and construction of houses to individuals in the rural areas of the country. The regulator, National Housing Bank (NHB) has a 12.5% equity stake in the Company.

The Company has a JV in the US, Mahindra Finance USA, in partnership with De Lage Landen, a subsidiary of Rabo Bank, for financing Mahindra tractors in the US.

In 2014, Mahindra featured on the Forbes Global 2000, a comprehensive listing of the world’s largest, most powerful public companies, as measured by revenue, profit, assets and market value. The Mahindra Group also received the Financial Times ‘Boldness in Business’ Award in the ‘Emerging Markets’ category in 2013.

March, 2015, Mumbai: Mahindra Insurance Brokers Ltd. (MIBL), one of India’s leading insurance brokers, received the Celent Model Insurer Asia Award in the “Data Mastery & Analytics” category at the 5th Annual Celent Model Insurer Asia Awards ceremony held in Singapore on March 11, 2015. MIBL won this prestigious accolade for its ‘FunDo T90’ initiative which aims to align company strategy with team goals and individual aspirations by way of an innovative and engaging gamification application.

“Teamwork and collaboration is an integral aspect of our success at Mahindra Insurance Brokers Ltd. and this unique concept has really encouraged the spirit of healthy competition across the organisation. The team has worked very hard to create and implement this initiative and we are very proud to have been recognised for our endeavours on a global platform,” said Ramesh Iyer, Managing Director - Mahindra & Mahindra Financial Services Limited, and CEO - Financial Services Sector of the Mahindra Group.

Dr. Jaideep Devare, Managing Director, MIBL, receives the award on behalf of MIBL at the Awards function in Singapore

“In addition to driving strategy and performance, ‘FunDo T90’ aims to engage employees and encourage a spirit of collaborative competition. It helps us focus on business and financial parameters and operational targets. And what better platform than India’s most loved sport which breaks all barriers of language and culture! ‘FunDo T90 utilises a ‘T90’ format, inspired by Cricket’s T20 International Premier League or IPL competition. This unique initiative not only improved performance levels but also inspired employees to regularly contribute to enhancing workplace effectiveness,” said Dr. Jaideep Devare, Managing Director, Mahindra Insurance Brokers Ltd.

‘FunDo T90’ was conceptualised with the aim of encouraging employees to achieve their professional targets in an entertaining manner. Accordingly, MIBL developed a learning model christened ‘4E’ which presented information in a pictorial format to ensure better retention. ‘FunDo T90’ reflected the actual structure of the IPL, complete with Players, Teams, Groups, Scores and Leagues. ‘T90’ denoted the 90 days that made up each quarter. A total of 19 teams were formed across the country, including the Head Office, which were then further divided into 4 groups competing against each other. Celent is a research and consulting firm focused on the application of information technology in the global financial services industry. Every year, Celent recognizes excellence in insurance technology in the Asia-Pacific region through their Model Insurer Asia Awards program. The Model Insurer Asia Awards recognize an insurers’ effective use of technology in specific areas.

The Mahindra Group has a significant footprint in rural India through the sale of utility vehicles, tractors, commercial vehicles, two-wheelers, and rural home loans. Mahindra Finance's rural financing is considered to be the cornerstone of poverty reduction, rural development and inclusive growth in many parts of the country.

MIBL, with its focus on rural and semi-urban India, offers protection of health, wealth and life to the underserved markets by providing innovative insurance solutions.

About Mahindra & Mahindra Financial Services Limited

Mahindra & Mahindra Financial Services Limited (MMFSL), part of the USD 16.5 billion Mahindra Group, is one of India's leading non-banking finance companies. Focused on the rural and semi-urban sector, the company has over 3 million customers and an AUM of over USD 5 billion. The Company is a leading vehicle and tractor financier and also offers fixed deposits and loans to SMEs.

The Company has over 1000 offices across the country and is the first finance company from India to feature in the Dow Jones Sustainability Index.

Mahindra Rural Housing Finance Limited (MRHFL), another subsidiary of MMFSL provides loans for purchase, renovation and construction of houses to individuals in the rural areas of the country. The regulator, National Housing Bank (NHB) has a 12.5% equity stake in the Company.

The Company has a JV in the US, Mahindra Finance USA, in partnership with De Lage Landen, a subsidiary of Rabo Bank, for financing Mahindra tractors in the US.

In 2014, Mahindra featured on the Forbes Global 2000, a comprehensive listing of the world’s largest, most powerful public companies, as measured by revenue, profit, assets and market value. The Mahindra Group also received the Financial Times ‘Boldness in Business’ Award in the ‘Emerging Markets’ category in 2013.

November 4, 2014, Mumbai: Mahindra Insurance Brokers Ltd. (MIBL), part of India’s USD 16.5 billion Mahindra Group, was conferred the “Broker of The Year” award at the 18th Asia Insurance Industry Awards (AIIA) held in Taipei, Taiwan. Mr. K.R. Pherwani, Principal Officer, MIBL received the award on behalf of the company at a gala Awards dinner on November 2, 2014, which also marked the opening of the 27th East Asian Insurance Congress.

Now in its 18th year, the AIIA has become a much sought-after mark of excellence and peer group endorsement for insurance players and professionals in the market. The winners were chosen by a distinguished panel of 33 judges drawn from a global cross-section of industry leaders, regulators and experts. The Awards, hosted annually by Asia Insurance Review since 1997, are now a highlight of the insurance calendar in Asia.

“My congratulations to the entire team at MIBL on receiving this prestigious accolade. MIBL has not only been a profit-making and dividend-paying company from day one, it has also made a difference in the lives of thousands in rural India, epitomising the concept of shared value. This award is a clear validation of the success of the company’s business model and its desire to drive positive change amongst its stakeholders,” said Anand Mahindra, Chairman, Mahindra Group.

"Abiding by its Core Values - good corporate citizenship, professionalism, a "customer first" mindset, focus on quality and recognizing the dignity of an individual - Mahindra Insurance Brokers has managed to maintain its exemplary reputation and leadership in an extremely competitive Indian market, by catering to the needs of the underserved, particularly in the rural and semi-urban areas," said the Jury in its citation.

“I am especially delighted that MIBL has won the Broker of the Year award. This is an acknowledgment of the practices followed by our Group, and MIBL in particular, which foster an envisioning, empowering and energising culture; a culture that inspires diversity, innovation and inclusive growth”, said Ramesh Iyer, Managing Director, Mahindra & Mahindra Financial Services Ltd, CEO - Financial Services Sector and Member of the Group Executive Board, Mahindra & Mahindra Ltd.

“The Broker of the Year award is a tribute to all the customers that we service, who are primarily based in rural India. Over the past decade, we have reached 100,000 villages with our solutions and have serviced over 4 million insurance cases. In the three years that we have been in the Reinsurance broking business, we have been able to establish relationships in over 25 countries. We believe in enhancing customer delight, and enabling our customers to Rise by empowering them to create a better future for themselves, their families, and their communities,” said Dr. Jaideep Devare, Managing Director, Mahindra Insurance Brokers Ltd.

The Mahindra Group has a significant footprint in rural India through the sale of utility vehicles, tractors, commercial vehicles, two-wheelers, and rural home loans. Mahindra Finance’s rural financing is considered to be the cornerstone of poverty reduction, rural development and inclusive growth in many parts of the country.

MIBL, with its focus on rural and semi-urban India, offers protection of health, wealth and life to the underserved markets by providing innovative insurance solutions. Building on its strengths, MIBL aims to become India’s leading insurance broker by 2015.

About Mahindra & Mahindra Financial Services Limited

Mahindra & Mahindra Financial Services Limited (MMFSL), part of the USD 16.5 billion Mahindra Group, is one of India’s leading non-banking finance companies. Focused on the rural and semi-urban sector, the company has over 3 million customers and has an AUM of over USD 5 billion. The Company is a leading vehicle and tractor financier and also offers fixed deposits and loans to SMEs. The Company has over 1000 offices across the country and is the first finance company from India to feature in the Dow Jones Sustainability Index.

Mahindra Rural Housing Finance Limited (MRHFL), another subsidiary of MMFSL provides loans for purchase, renovation and construction of houses to individuals in the rural areas of the country. The regulator, National Housing Bank (NHB) has a 12.5% equity stake in the Company.

The Company has a JV in the US, Mahindra Finance USA, in partnership with De Lage Landen, a subsidiary of Rabo Bank, for financing Mahindra tractors in the US.

Partnership will help design and deliver insurance solutions to millions in rural India

Mumbai, September 20, 2012 – Mahindra Insurance Brokers Ltd. (MIBL), a leading insurance broker primarily servicing rural and semi-urban India, today announced a strategic partnership with LeapFrog Investments, the world’s largest investor in insurance to under-served consumers. MIBL, which is a wholly-owned subsidiary of Mahindra & Mahindra Financial Services Ltd. (Mahindra Finance) and a licensed Composite Broker, has achieved extraordinary growth and profitability over the past eight years. It is currently valued at Rs. 520 crores (approx. US$ 96m).

The investment of Rs. 80.41 crores (approx. US$ 15m), which is subject to necessary regulatory approvals, will be through LeapFrog’s subsidiary company, Inclusion Resources Pvt. Ltd., Singapore, for a 15% stake in MIBL. LeapFrog will also be bringing in its international expertise, including in the areas of product design and distribution.

Since inception in 2004, MIBL has serviced over 2.5 million people, enabling them to protect their assets and loans taken for buying tractors and vehicles, and thus their livelihoods on which their families depend. The alliance is expected to have a significant impact on financial inclusion in the country as well as building value for all the stakeholders.

Mr. Anand Mahindra, Chairman, Mahindra Group, hailed the transaction as being transformative for the Indian insurance sector, saying, “Mahindra Finance is one of the largest Non-Banking Financial Companies in India and LeapFrog is the world’s largest investor in insurance for the under-served consumer. This partnership is a perfect alignment between our philosophy of driving positive change and LeapFrog’s socially conscious investment strategy. Together we will provide financial services that protect and enable millions of people to secure their future.”

Dr. Andrew Kuper, President and Founder of LeapFrog said, “Mahindra’s guiding philosophy, Rise, embodies the group’s determination to drive positive change in its customers’ lives. LeapFrog invests in innovative companies that bring critical financial services to the next billion rising consumers. Mahindra’s reach, ethics and ethos make it an ideal partner for us and the MIBL team has an outstanding track record of driving growth, profitability, and social impact. We are keen to support the next leap of reach, performance and innovation for this outstanding business.”

Mr. Bharat Doshi, Chairman, Mahindra Finance, said, “MIBL is playing a significant role in the insurance broking industry in India with a focus on adding value to customers through innovative solutions, superior services and driving positive change in the lives of people. In LeapFrog, we have a strategic partner with world-leading insurance expertise in emerging markets. It is our constant endeavour to add value to our customers through the financial services we offer, and our association with LeapFrog will provide us with an additional platform to touch and transform their lives. The LeapFrog team’s knowledge of distribution and product design sets it apart from other investors and collaborators, and will make a profound difference to our shared mission of industry leadership and social impact.”

MIBL is LeapFrog’s second investment in the Indian market in the last twelve months, reinforcing its commitment to financial inclusion in South Asia. As an impact investment fund, LeapFrog targets both robust financial returns and significant social impact. LeapFrog’s investments currently reach over 8 million people across 6 countries in Africa and Asia, empowering them with financial safety nets and springboards.

The Mahindra Group has a significant footprint in rural India through the sale of utility vehicles, tractors, commercial vehicles, two-wheelers, and rural home loans. Mahindra Finance’s rural financing is considered to be the cornerstone of poverty reduction, rural development and inclusive growth in many parts of the country.

With a majority of India’s population living in rural areas, Mahindra Finance has provided loans to these customers belonging to the low income group, becoming a catalyst in helping rural India surge ahead in a big way. Building on these strengths, MIBL aims to become India’s leading insurance broker by 2015. LeapFrog’s capital and specialist insurance expertise will enable MIBL to further extend its presence in rural and semi-urban communities with expanded product offerings and new initiatives.

About LeapFrog Investments

LeapFrog is a profit-with-purpose fund and the world's largest investor in inclusive insurance and related financial services. Launched with former US President Bill Clinton, the fund invests in companies serving the next billion, the vast untapped market of emerging consumers in Africa and Asia. LeapFrog brings distinctive value-adding support and global best practices in insurance to its portfolio of companies. As one of the leading impact investors globally, LeapFrog aims to generate robust investment returns while reaching out and protecting 25 million low-income and excluded people.

Investors in LeapFrog's high impact investment fund include global banks such as JP Morgan, Triodos, International Finance Corporation, KfW, and the European Investment Bank; leading funds such as Soros EDF, TIAA-CREF, Omidyar Network, FMO, and Calvert; global reinsurers SCOR and Haverford; and development financiers including Proparco and Accion Frontier Investments Group.

Mahindra & Mahindra Financial Services Ltd.

Mahindra & Mahindra Financial Services Ltd (Mahindra Finance), is part of the US $15.4 billion Mahindra Group, and is one of India’s leading Non-Banking Finance Companies with a pan India presence. Focused on the rural and semi-urban markets, it provides finance for vehicles & tractors and has the largest network of branches amongst NBFCs operating in these areas.

About The Mahindra Group

The Mahindra Group focuses on enabling people to rise. Mahindra operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles, information technology and vacation ownership. Mahindra has a presence in the automotive industry, agribusiness, aerospace, components, consulting services, defence, energy, financial services, industrial equipment, logistics, real estate, retail, steel and two wheelers.

A USD 15.4 billion multinational group based in Mumbai, India, Mahindra employs more than 144,000 people in over 100 countries. In 2011, Mahindra featured on the Forbes Global 2000 list, a listing of the biggest and most powerful listed companies in the world. Dun & Bradstreet also ranked Mahindra at No. 1 in the automobile sector in its list of India’s Top 500 Companies. In 2010, Mahindra featured in the Credit Suisse Great Brands of Tomorrow. In 2011, Mahindra acquired a majority stake in Korea’s SsangYong Motor Company.

Mumbai, September 27, 2011: Mahindra Insurance Brokers Limited (MIBL), a 100% subsidiary company of Mahindra & Mahindra Financial Services Limited (Mahindra Finance), has received approval from the Insurance Regulatory and Development Authority (IRDA) to enter the Reinsurance Broking business. MIBL has been in the Direct Broking business since May 2004 and has now been granted the Composite Broking licence, allowing the Company to also undertake Reinsurance Broking.

Mr. Ramesh Iyer, Managing Director, Mahindra Finance, and Director, MIBL, said, “We are delighted to enter the Reinsurance Broking business, which is part of our customer-centric approach to business, and our endeavour to expand our footprint in the insurance intermediation market in India and abroad. We see the potential of India to emerge as a strong Asian Reinsurance hub by the turn of the decade, and we would like to play a key role in shaping this vision. Given the credibility built by MIBL with various stakeholders during the past few years in Direct Broking, we have drawn plans to position MIBL as one of the leading international brand names in the insurance broking industry in the years to come.”

Dr. Jaideep Devare, Managing Director, MIBL, said, “We will continue to deliver innovative and customized solutions to our customers, and will invest in expertise, skill and tools that would be required to become a significant player in the market. We have already hired a team of Reinsurance professionals with rich Indian and international experience. This team will be spearheaded by Mr. R. Chandrasekaran, our Chief Reinsurance Strategist, who brings with him over three decades of enriched experience and knowledge of the Indian and international markets, having worked with GIC Re.”

About Mahindra Insurance Brokers Limited

Mahindra Insurance Brokers Limited (MIBL) is a 100% subsidiary company of Mahindra & Mahindra Financial Services Limited (Mahindra Finance), part of US $12.5 billion Mahindra Group. MIBL operates as a Direct Broker, focusing on Commercial and Retail lines of businesses, both in Non-Life and Life insurance. MIBL is one of the few insurance broking companies in India to be awarded the prestigious ISO 9001:2008 Certification for Quality Management Systems.

A US $12.5 billion multinational group based in Mumbai, India, Mahindra employs more than 1,37,000 people in over 100 countries. In 2011, Mahindra featured on the Forbes Global 2000 list, a listing of the biggest and most powerful listed companies in the world. For four years in a row, Mahindra has featured in the Forbes Asia’s Fab 50 List of the 50 best publicly traded companies in the Asia-Pacific regions. Dun & Bradstreet also ranked Mahindra at No. 1 in the automobile sector in its list of India’s Top 500 Companies.

In 2010, Mahindra featured in the Credit Suisse Great Brands of Tomorrow. Its flagship company Mahindra & Mahindra Limited is the only Indian automobile manufacturer to feature in the top 10 list of the Carbon Disclosure Leadership Index in India - 2010, created by the Carbon Disclosure (CDP). In 2011, Mahindra acquired a majority stake in Korea’s SsangYong Motor Company.

Mumbai, August 19, 2004: Mahindra Insurance Brokers Ltd. (Mahindra Insurance), a subsidiary of Mahindra & Mahindra Financial Services Ltd. (MMFSL), has recently been granted a direct broker licence by the Insurance Regulatory and Development Authority (IRDA). With the grant of this licence, Mahindra Insurance will now be able to commence direct broking activities for both general and life insurance businesses.

Mahindra Insurance has been capitalized at Rs.50 lacs and has inducted a team of professionals from the general and life insurance businesses. Mahindra Insurance will focus on Corporate and Retail businesses, and will be headquartered in Mumbai. The Company has been empanelled with various insurance companies in India.

On this occasion, Mr. Bharat Doshi, President - Trade & Financial Sector of the Mahindra Group said, “I am delighted with Mahindra Insurance’s foray into the insurance broking business. This new Company has been launched as a part of our Group’s strategy to enter new businesses, where we can establish ourselves as a dominant player in the respective markets in the next 4-5 years. We believe that the insurance broking business is one such business which offers immense potential in India.”

Mr. Ramesh Iyer, Managing Director, MMFSL, and Director, Mahindra Insurance, elaborated, “To begin with, Mahindra Insurance will be able to leverage on Mahindra Finance’s strength in the rural and semi-urban markets for its Retail business, and also effectively utilise the Mahindra Group Companies and its large supplier and dealer base for the Corporate business.”

Mahindra & Mahindra Financial Services Ltd. (MMFSL) is Mahindra Group’s financial services company and is into the business of providing finance for purchase of utility vehicles, agricultural tractors and cars. It focuses on the rural and semi-urban markets and has a network of more than 220 branches across the country, with a net worth of more than Rs. 250 crores and asset base of Rs. 2,500 crores. MMFSL was appointed as the Corporate Agent of OM Kotak Mahindra Life Insurance Co. Ltd. in January 2003 and has now surrendered its Corporate Agency licence to enable Mahindra Insurance to undertake insurance broking business.

Mahindra Insurance Brokers Ltd. is a subsidiary of MMFSL and will undertake direct insurance broking business, both in the general and life insurance segments. It will focus on Retail and Corporate lines of businesses and will be headquartered in Mumbai.